Mortgage Application Volume Tumbles to Lowest Levels in Nearly 30 Years as Home Costs Soar

The Federal Reserve has raised interest rates 11 times since March 2022 in its battle to curb inflation, which has led to higher mortgage rates.

Housing units in Huntington Beach, Calif., on March 17, 2023. John Fredricks/The Epoch Times

The mortgage application volume has fallen to its lowest in nearly 30 years, as monthly mortgage payments hit an all time high.

With over 7 percent 30-year mortgage rates over the past few weeks, mortgage payments have jumped to a near-record high, according to the latest data by Redfin.